Conceptual upside +29 cents per share. Current JORC is 1.2M ounces of gold (less than 5% of target zones) within a strike line that has multi-million ounce potential. I assume that recent (Canadian funding) cash injection should see expedited drilling campaign push JORC to +2.0M ounces in next 3-6 months.
Assume that +2.0M ounces x $200 per ounce Enterprise Valuation = +$400M. That equates to a share price of +29 cents (based on currently issued 1.4B shares).
Our golden puppy is priced at 4.2 cents, so near term upside is +6.9x before we account for increasing gold price and peer group EV per ounce (which currently exceeds $250 per ounce) of JORC resources. Good luck to all longs.
AUC Price at posting:
4.2¢ Sentiment: Buy Disclosure: Held
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